Canada’s CI Financial Corp. is acquiring another U.S.-based RIA, the company says.

The Canadian asset and wealth management firm has entered into an agreement to take a majority stake in One Capital, a Westlake Village, Calif.-based RIA that manages $1.6 billion, according to a press release from CI.

One Capital offers wealth planning with a specialization in family office services and serving professional athletes and entertainers, CI says. In addition, the California RIA has “cross-border servicing capability” that CI plans to extend to the 300,000 Canadian families whose primary relationship is with CI’s wealth management businesses, according to the press release.

The companies didn’t disclose the financial terms of the deal, which is expected to close in the first quarter next year.

"CI Financial is an ideal partner as we embark on the next stage of our firm’s development," Patrick Bowen, president of One Capital, says in the press release. "CI provides financial strength, capabilities in operations and technology, and the experience and expertise developed in operating one of Canada’s largest wealth management firms. Most importantly, CI is fully committed to this market and to supporting our growth aspirations, which are based on a deep understanding of our clients and a marriage of investment management with advanced wealth planning."

The move is part of a broader initiative at CI to “globalize” the company, CI CEO Kurt MacAlpine says in the press release. In November, CI agreed to acquire a majority stake in Phoenix-based Surevest Wealth Management.